A spokesperson for the Chinese Foreign Ministry has emphasized that ‘no one wins in a trade war’ following new tariff threats from the United States. The statement comes after the U.S. administration announced plans to impose additional tariffs on Chinese goods, intensifying tensions between the world’s two largest economies.
The spokesperson stated, ‘China believes that China-U.S. economic and trade cooperation is mutually beneficial in nature. A trade war will harm both countries and global economic growth.’ The comments echo concerns from economists and business leaders who fear that escalating tariffs could disrupt global supply chains and increase costs for consumers.
Tariffs are taxes on imported goods, initially paid by importers but often passed on to consumers through higher prices. While some policymakers argue that tariffs protect domestic industries, critics warn that they can lead to retaliatory measures and hurt sectors like agriculture and manufacturing.
A study by the National Retail Federation highlighted that increased tariffs could reduce U.S. consumers’ purchasing power by billions of dollars annually. Essential items such as clothing, electronics, and household goods could become more expensive, disproportionately affecting low-income families.
Experts also caution that trade tensions can strain international relations and hinder investment. ‘Retailers rely on global supply chains to offer diverse and affordable products,’ said an industry representative. ‘Imposing tariffs can lead to job losses and economic downturns.’
As the situation develops, many are calling for dialogue and negotiation to resolve trade disputes. The global community watches closely, understanding that cooperation between major economies is crucial for global stability and prosperity.
Reference(s):
cgtn.com
